The U.S. dollar extended its recent rout to hit three-year lows on Wednesday after U.S. Treasury Secretary Steven Mnuchin said he welcomed a weakening in the dollar. Fears of protectionist trade policies by the United States had already pushed the greenback to a three-year low, and Mnuchin’s remark at the annual Davos summit of business and political leaders pushed it down further.
The US economy slowed dramatically in the first three months of the year, according to official data. GDP expanded at an annual rate of 0.7% in the first quarter - the slowest rate since the first quarter of 2014, which is unwelcome news for President Donald Trump who, during his election campaign, made a pledge to raise growth to 4%.
President Donald Trump administration on Wednesday presented a sweeping plan to lower tax rates for individuals and businesses, saying it would create the biggest tax cut in United States history. However US markets slid at the close after the Trump administration outlined the tax cut plan and Democrats described it as a handout to the wealthy that would expand the deficit.
Recent tensions between the U.S. and other major economies over trade did not reemerge during Friday’s meeting of G20 finance ministers and central bank governors, fueling hopes global policy makers can avert an open dispute with the Trump administration over globalization, top German officials said.
Financial leaders of the world's biggest economies dropped a pledge to keep global trade free and open, yielding to an increasingly protectionist United States after a two-day meeting in Germany failed to yield a compromise.
Now that Donald Trump will be moving to the White House next January, speculation about the names being considered for his cabinet have started to emerge. According to sources close to the winning team some of the names included are Rudy Giuliani for attorney general, Newt Gingrich for secretary of state, retired Lt. Gen Michael Flynn for defense secretary or national security adviser, Trump finance chairman Steve Mnuchin for Treasury secretary, and Republican National Committee finance chair Lew Eisenberg for commerce secretary.